As summer reaches its peak across the Northern Hemisphere, there’s no better way to spend a vacation than by sailing across the ocean, channeling your inner ship captain.
In recent years, yacht companies have experienced a surge in sales, defying fears of a decline due to the lingering effects of the COVID-19 pandemic and the economic impact of the Russia-Ukraine War.
“I spent my days in 2020 doing worst-case scenarios and drawing up the budgets to go with them,” said Giovanna Vitelli, chairwoman of Azimut|Benetti, the world’s largest yacht manufacturer, in a 2023 interview with The Economist.
Contrary to those fears, her company reported a 23% growth in production value in 2023. This trend is not isolated to her company alone. The luxury yacht market is projected to grow in value from $7.67 billion in 2023 to $17.33 billion by 2032, according to a recent report from Fortune Business Insights.
Analysts attribute this rise in popularity to the increasing number of extremely wealthy individuals. Yachts have long been a status symbol, a reality that has only intensified as wealth becomes concentrated in the hands of a small group.
There are currently an estimated 6,000 superyachts—vessels over 100 feet long—at sea this year, nearly quadruple the number seen three decades ago, according to Bloomberg.
Beyond popularity, the yacht industry has witnessed other changes. More buyers are seeking alternative means of powering their vessels, as critics highlight the excessive emissions traditional yachts produce for recreational use.
The 2024 report by Fortune Business Insights identified the growing trend of electrification as a significant area of growth in the coming years.
“A tough regulatory environment for traditional yachts and rising fuel prices will pave the way for the solid growth of electric yachts in the future,” the report states. “Huge investments from various manufacturers and government support measures will accelerate the demand for electric yachts.”
Learn more about the most luxurious yachts available for chartering in 2024.